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Asset allocation going on?

Are investors moving out of safe-havens and into riskier assets? It’s beginning to look like it.

US Treasuries have backed up about 20 bp in yield in the last week. Swissy is weakening, stocks have bounced about 3% from recent lows.

It’s early days yet, but it suggests that there is some value-shopping going one with overheated assets being liquidated in favor of the beaten-down…A modestly dollar positive scenario overall but especially in USD/CHF and USD/JPY…